Commodities
WTI Crude Oil Surges Above $85.50 Amid Iran Tensions
West Texas Intermediate (WTI) crude oil prices have surged past $85.50 per barrel, driven by escalating tensions involving Iran and concerns over potential supply disruptions in the Middle East.
The Strait of Hormuz, a critical chokepoint through which about 20% of global oil consumption passes, is home to major OPEC producer Iran. Any perceived threat to shipping lanes or regional stability can prompt a rapid reassessment of supply risk.
With OPEC+ production cuts and robust demand keeping inventories low, the oil market is already tight, making prices more sensitive to geopolitical shocks.